Factors affecting the price of visual works exchanged in 10 Art Galleries in Tehran (Case study Paintings and Sculpture)

The present study was conducted in order to investigate the effect of non-market characteristics of visual art objects on their price, using the hedonic pricing model. Our case consists of 308 paintings and 72 sculptures sold through art exhibits during Bahman 1393 to the end of Khordad 1394 by 10 selected art galleries in Tehran. The determinant factors are divided in three categories including:1.artist characteristics, 2. gallery characteristics, 3. the art object’s characteristics. According to the results for paintings the characteristics of artists and gallery have significant effects on the price. Among art object’s characteristics: post-modern, abstract and miniature are the styles with greater influence on the price, and the paintings using synthetic materials and oil-color are -in the average- sold with higher prices than acrylic paintings. For Sculptures, galleries and the material used in the object have significant effects on the price, among which Shirin art gallery and metal and synthetic objects have greater influence. The size of the object has also significant effect on the price of both paintings and sculptures